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ICICI Prudential Life Insurance settled death claims worth Rs.5,149 crore in FY2026, with the average individual death claim paid to families standing at Rs.15 lakh. The Company has maintained this average for the second consecutive year, according to publicly available industry data.
The Company’s average individual death claim value has increased from around Rs.10 lakh in FY2021 to Rs.15 lakh in FY2026. Over the past four years, the average has remained in the range of Rs.14-15 lakh.
Sarang Gokhale, Chief - Underwriting and Retail Claims, ICICI Prudential Life Insurance, said, “Life insurance is built on a simple promise to provide financial security to families when they need it the most. We continuously simplify claim processes and offer tech-enabled servicing, so families receive the help they need without delay.”
ICICI Prudential Life reported a claim settlement ratio of 99.3% in FY2026. The average turnaround time for non-investigated individual claims stood at 1.1 days at the overall company level, from the last document received date.
The Company encourages policyholders to periodically review their life insurance cover as their income, loans, family responsibilities and financial goals change. Adequate protection can help ensure that the level of financial support remains aligned with evolving needs.